Posted by
Defend America on Thursday, January 22, 2009 3:40:07 PM
In today's Wall Street Journal, an investigative report shows how money from the TARP went to benefit politicians' interests. It is not a surprise that it would do that because that is what most people were afraid of. The person at the forefront of the problem is again Barney Frank.
Here is some of the story:
Troubled OneUnited Bank in Boston didn’t look much like a candidate
for aid from the Treasury Department’s bank bailout fund last fall.
The Treasury had said it would give money only to healthy banks, to
jump-start lending. But OneUnited had seen most of its capital
evaporate. Moreover, it was under attack from its regulators for
allegations of poor lending practices and executive-pay abuses,
including owning a Porsche for its executives’ use.
Nonetheless, in December OneUnited got a $12 million injection from
the Treasury’s Troubled Asset Relief Program, or TARP. One apparent
factor: the intercession of Rep. Barney Frank, the powerful head of the
House Financial Services Committee.
Mr. Frank, by his own account, wrote into the TARP bill a provision
specifically aimed at helping this particular home-state bank.
Here is the rest of the story:
http://online.wsj.com/article/SB123258284337504295.html